Hong Kong's GDP Grows 2.5% in 2024; Fourth Quarter Sees 2.4% Increase Year-on-Year

Chain volume measures of Gross Domestic Product by economic activity for the fourth quarter of 2024 and the whole year of 2024

The Census and Statistics Department (C&SD) released today (March 20) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the fourth quarter of 2024 and the whole year of 2024.

GDP figures by economic activity show the value of production in respect of individual economic activities. The value of production is measured by value added or net output, which is calculated by deducting intermediate input consumed in the process of production from the gross value of output. Volume measures of GDP by economic activity, expressed in terms of chain volume measures net of the effect of price changes, enable analysis of the output growth profiles of individual economic sectors in real terms.

According to the preliminary figures, overall GDP increased by 2.4% in real terms in the fourth quarter of 2024 over a year earlier, compared with the 1.9% increase in the third quarter of 2024. For 2024 as a whole, GDP increased by 2.5% in real terms over 2023.

Analysed by constituent services sector and on a year-on-year comparison, value added in respect of all the services activities taken together increased by 1.9% in real terms in the fourth quarter of 2024 over a year earlier, similar to the growth of 1.8% in the third quarter. For 2024 as a whole, value added increased by 2.2% in real terms over 2023 for all the services sectors taken together.

Value added in the import and export, wholesale and retail trades sector decreased by 0.6% in real terms in the fourth quarter of 2024 from a year earlier, as against the increase of 0.3% in the third quarter. For 2024 as a whole, value added in this sector recorded a marginal increase of 0.1% in real terms.

Value added in the accommodation and food services sector increased by 1.4% in real terms in the fourth quarter of 2024 over a year earlier, as against the decline of 5.1% in the third quarter. For 2024 as a whole, value added in this sector decreased by 2.1% in real terms.

Value added in the transportation, storage, postal and courier services sector increased by 6.2% in real terms in the fourth quarter of 2024 over a year earlier, compared with the increase of 6.8% in the third quarter. For 2024 as a whole, value added in this sector recorded an increase of 10.4% in real terms.

Value added in the information and communications sector increased by 1.3% in real terms in the fourth quarter of 2024 over a year earlier, compared with the rise of 2.8% in the third quarter. For 2024 as a whole, value added in this sector rose by 2.1% in real terms.

Value added in the financing and insurance sector increased by 2.0% in real terms in the fourth quarter of 2024 over a year earlier, compared with the increase of 1.3% in the third quarter. For 2024 as a whole, value added in this sector increased by 0.8% in real terms.

Value added in the real estate, professional and business services sector registered an increase of 1.2% in real terms in the fourth quarter of 2024 over a year earlier, as against the decline of 0.2% in the third quarter. For 2024 as a whole, value added in this sector increased by 1.3% in real terms.

Value added in the public administration, social and personal services sector rose by 2.4% in real terms in the fourth quarter of 2024 over a year earlier, virtually the same as that in the third quarter. For 2024 as a whole, value added in this sector rose by 2.7% in real terms.

As for sectors other than the services sectors, value added in the local manufacturing sector increased by 1.0% in real terms in the fourth quarter of 2024 over a year earlier, as against the marginal decrease of 0.1% in the third quarter. For 2024 as a whole, value added in this sector rose by 0.8% in real terms.

Value added in the electricity, gas and water supply, and waste management sector increased by 3.3% in real terms in the fourth quarter of 2024 over a year earlier, after the increase of 3.1% in the third quarter. For 2024 as a whole, value added in this sector registered an increase of 2.9% in real terms.

Value added in the construction sector decreased by 5.6% in real terms in the fourth quarter of 2024 from a year earlier, as against the increase of 1.8% in the third quarter. For 2024 as a whole, value added in this sector increased by 4.1% in real terms.

Further information

The year-on-year percentage changes of GDP by economic activity in real terms from the fourth quarter of 2023 to the fourth quarter of 2024 are shown in Table 1. More detailed statistics are given in the report "Gross Domestic Product by Economic Activity". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1030004&scode=250). For enquiries about statistics on GDP by economic activity, please call the National Income Branch (2) of the C&SD at 39037005.

Figures of chain volume measures of GDP by economic activity for the fourth quarter of 2024 and the whole year of 2024 are only preliminary at this stage. When more data become available, the preliminary figures will be revised accordingly and can be found at the C&SD website (www.censtatd.gov.hk/en/scode250.html).

Appointments to Women's Commission announced

The Government announced today (January 9) the reappointment of the Chairperson and five incumbent members, as well as the appointment of three new members, to the Women's Commission (WoC). Their two-year term will take effect from January 15, 2026.

Dr Eliza Chan Ching-har has been reappointed as the Chairperson of the WoC. Dr Chan took up the chairmanship of the WoC from January2024. Under her leadership, the WoC has continued its dedicated efforts in advancing the development of women in Hong Kong and maintained close ties with women's groups and relevant stakeholders in promoting the well-being and interests of women in Hong Kong.

The five other reappointed members are Ms Ching Ngon-lai, Miss Juanita Mok Uen-ying, Dr So Wing-yee, Mr Adrian Tam Kin and Ms Vivian Tsui Sau-yin. The three new members are Ms Kou Kuen, Dr Anthony Lu Xiaofeng and Professor Helen Meng Mei-ling.

The Secretary for Home and Youth Affairs, Miss Alice Mak, welcomed the appointments and reappointments. She said, "The newly appointed and reappointed members come from diverse backgrounds and have rich experience in their professions and community services. I trust that they will give valuable advice to the Government on women's development in Hong Kong."

Miss Mak also thanked the three outgoing members, ProfessorLuiYu-hon, Ms Winnie Ng Wing-mui and Dr Kitty Wu Kit-ying, for their contributions to the WoC over the years.

Since its establishment in 2001, the WoC has been committed to promoting the well-being and interests of women in Hong Kong and advising the Government on policies and initiatives on women's affairs.

The membership of the WoC for the new term is as follows:

Non-official members

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Dr Eliza Chan Ching-har (Chairperson)

Ms Diana Cesar

Mrs Jennifer Cheng Yu Ngar-wing

Ms Ching Ngon-lai

Ms Rita Gurung

Miss Hotchandani Mamta Chandiram

Ms Jin Ling

Ms Kou Kuen

Ms Maisy Kung Mei-chi

Ms Lam Wai-ling

Ms Helen Lu Hai

Dr Anthony Lu Xiaofeng

Professor Helen Meng Mei-ling

Miss Juanita Mok Uen-ying

Mrs Katherine Ngan Ng Yu-ying

Ms Cindy Pun Siu-fung

Professor Sham Mai-har

Miss Siu Hoi-yan

Dr So Wing-yee

Mr Adrian Tam Kin

Ms Vivian Tsui Sau-yin

Ms Wong Hau-yan

Ms Vivian Wong Man-lei

Miss Waverly Yeung Yuk-mui

Ex-officio members

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Permanent Secretary for Home and Youth Affairs or representative (Vice-Chairperson)

Secretary for Constitutional and Mainland Affairs or representative

Director of Social Welfare or representative

Source: AI-found images